Despite Loss, Quad Exceeds Q4 and 2011 Guidance

For the full-year 2011, net sales were $4.67 billion, compared to pro forma net sales of $4.76 billion for the previous year. Quad’s net loss of $46.6 million was an improvement over its net loss of $250 million for fiscal 2010. Adjusted EBITDA was $638 million for 2011 and, due to stronger fourth quarter performance, the company surpassed revised 2011 guidance of $610 million to $625 million.